-Business and political leaders, including H.R.H. Mohammed Bin Salman meet on the first day of the Future Investment Initiative conference in Riyadh
RIYADH, Saudi Arabia, Oct. 25, 2023 /PRNewswire/ -- The opening day of the seventh Future Investment Initiative (FII7) saw a strong focus on how the global community can successfully navigate emerging new norms of relations amid instability, climate concerns and social inequality, with delegates agreeing with calls for a new "global compass" in order to incentivize and support investment opportunities.
Leading a panel of changemakers, including Jamie Dimon, Chairman and CEO of JP Morgan Chase
HE Yasir Al-Rumayyan said: "What we are doing in Saudi Arabia is a good model for the world. By 2030, we want 50 percent of our power generation to be based on renewable energy and the other 50 percent to be based on "gas, which emits less than the liquid. We have to invest more in renewable energy. If we look at the objectives, by 2045, 283 trillion dollars must be invested cumulatively from 2020."
Ray Dalio, Founder, CIO Mentor and Board Member of Bridgewater Associates, LP said: "What we see today and as we approach the US elections will focus on irreconcilable differences over wealth and power. Take a look at the "geopolitical and climate issues. The climate issue will cost between $5 and $10 trillion a year in global GDP. It needs to be addressed."
Jamie Dimon, chairman and CEO of JP Morgan, said: "Fiscal spending is higher than ever in peacetime, by a significant margin. A 25 basis point rate hike won't make much of a difference, but a 100 basis point shift basis points on the yield curve would. What we see today looks like the 1970s: lots of spending. Governments are pushing for ESG, but without implementing carbon taxes or a rational strategy."
With energy being the main topic of the day, the crucial need to drive the transition towards more greener energy headlines the special FII Energy Summit. It explored the extent to which the Paris Agreement goals can be aligned with economic growth, the role technology is likely to play in eliminating greenhouse gases, and the pace of global decarbonization.
HRH Prince Abdulaziz bin Salman AlSaud, Minister of Energy of the Kingdom of Saudi Arabia, issued a wake-up call, saying: "The Kingdom has demonstrated not only a transition, but an aspiration to be a model of how a hydrocarbon economy can evolve. We are targeting the trilemma: energy security, affordability and economic growth. On the sustainability front, our commitment to the Paris Agreement is unwavering. We not only signed it, but we meticulously negotiated every detail. Executing these commitments is not optional; it is mandatory."
Ajay Banga, president of the World Bank, added: "The World Bank's new mission is to focus not only on eradicating poverty and sharing prosperity, but on [ensuring] a liveable planet and addressing the world's interlocking crises and challenges."
At the Future Investment Initiative summit in Riyadh (October 24-26), 6,000 leaders, investors and innovators from around the world participate in more than 200 panels and discussions designed to address the biggest issues facing confronts the health, prosperity and survival of humanity.
Richard Attias, CEO of the Future Investment Initiative Institute, said: "The future of values for humanity is a future that encompasses empathy, inclusion, tolerance, knowledge, ethics and peace. It is a future in which that we recognize our shared responsibility to care for our planet and each other.
About FII Institute
The Future Investment Initiative (FII) Institute is a data-driven global nonprofit foundation with one investment arm and one agenda: Impact on Humanity. Global and inclusive, we foster great minds from around the world and turn ideas into real-world solutions in four critical areas: Artificial Intelligence (AI) and robotics, education, healthcare and sustainability.
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